Werror remains head of OTML

MUSJE Werror is still managing director and chief executive of Ok Tedi Mining Limited (OTML), the company board says.
Board chairman Dr Roger Higgins said in a statement yesterday that he was concerned with reports on the purported removal of Werror.
Higgins made particular reference to and agreed with Minister for State Enterprises William Duma that only the OTML board had the power to terminate its managing director and that had not been done.
“The board understands the expectations of the Government whose interest in OTML is managed by Kumul Minerals Holdings Limited (KMHL) on behalf of the trustee shareholder and Minister for State Enterprise,” he said.
“The board appreciates that our majority shareholder KMHL is concerned with the economic factors, including international copper and gold prices, as well as international energy prices, that exert pressure on the financial position of the mine, and has commissioned an independent peer review of the mine.
“The OTML board and management are fully supportive and cooperating with the review consultant so as to deliver an outcome that can be beneficial to the company and all stakeholders.” Higgins noted that the OTML board would meet next month and consider a dividend distribution as was normal practice.
“It is important that there is stability and confidence in the governance structure of the company and that a focus of the board and management is on safely meeting production targets,” he said.